Today’s show begins with Jason Hartman and Adam discussing how investors are taking a big risk (and breaking Commandment #5 in the process) if they take part in buying the stock for a company that’s never turned a profit.
Then Jason welcomes Lisa Tomita, a client with 4 properties who has recently decided to self-manage two of her properties. Jason and Lisa discuss the ups and downs of investing and how self-managing has turned Lisa into a more empowered investor ready to deal with all the bumps along the way as she moves closer to her financial independence.
I really need to thank you and Sarah for being there for me, you guys could have easily said, This isn’t my problem. This is your problem. Your lack of due diligence is entirely your fault. And not done anything at all. But you guys have been there for me every step of the way. You responded on voxer at 342 in the morning, I know, it might have been 642 depending on where you were, but honestly, who works at that time. So just the fact that you guys were there for me. I appreciate it so much.
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multi millionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties. In 11, states had hundreds of tenants and been involved in thousands of real estate transactions. This program will help you follow in Jason’s footsteps on the road to your financial independence day. You really can do it. And now here’s your host, Jason Hartman with the complete solution for real estate investors.
Jason Hartman 1:22
Welcome listeners from 165 countries worldwide. This is Jason Hartman with Episode 1147 1147. Thank you so much for joining me today. I’ve got Adam here with me. And Adam, what are we doing today? We’re doing a client case study, right? Yeah, from a young millennial. So good news. Those millennials may not be buying as many houses as everybody else to live in. But this one is decided, hey, it’s time to get into investment properties. Well, let me tell you this one is this is our client, Lisa and she’s awesome. She’s really bright. She is just doing all the right stuff. It’s just great to hear her story. She got in contact with me because Her investment counselor connected me on a voxer chat with her because she was having some challenges with her property. And as I was listening to the dialogue back and forth, I was so impressed with how prepared she was, and how specific she was in holding the property manager accountable. And this is exactly what we want. Again, one of my big goals here is to create a group of millions of empowered investors who are empowered to get the results for themselves. And if they don’t self manage, they at least are holding their service providers accountable. This will make the world a better place for all a better place for all. Yeah, really excited about this case study. We have that coming up in a few minutes. But you know, most of our listeners if not all of our listeners, even my older mother uses These services. She’s kind of semi tech savvy just because it’s so convenient. And that is ride sharing. You know, so my mom regularly takes lift and Uber. And Adam, you were reading up on lifts IPO. Now both of these companies, the two big ride sharing giants are going public this year. And you found some interesting things in this relates to commandment number five, Thou shalt not gamble. Remember, investing is about cash flow. It’s about income. It’s not about speculation, or capital gains appreciation. Adam, tell the listeners what you found. Yeah, so lift is coming out with their IPOs later this year, and they’re expected to be valued around like 20 to $25 billion, which is, I don’t know if you know this, that’s a lot of money. But in their financials, they actually came out and said they’ve never turned a profit, which isn’t horribly surprising. But they essentially said there’s no real way from For them to do it effectively to turn a profit effectively, until they get completely autonomous with their vehicles, no drivers in them at all. And the only way otherwise they can do it is to jack up rates, or to slash the rates of their drivers pay, which would essentially make them into the taxicab service that we had before. And will send drivers over to Uber that then Uber will, you know, have a glut of drivers and probably cut their pay as well. And just make it a vicious cycle. So these rideshares It may look like a good deal and it may be a good deal. I mean, I’m going to take one when I’m at meet the Masters, whenever I get to the airport is call up an Uber go there. But the companies themselves are not turning a profit and they are not looking like anytime in the future. They’re going to be turning a profit. So if you invest now, what you’re really doing is saying I’m going to hold this until and I believe they’re going to be around until all of the autonomous cars are in and their whole fleet. Is that so? I mean, you’re investing for the long haul for this. Yeah, you definitely are. Well, what’s interesting about this as well, you’re an atom, but I’m going to talk about another atom for a moment. And that is Adam Smith, who wrote the Wealth of Nations, the famous book, which really kind of made the world understand modern economic theory. And he talked about the invisible hand, right, the invisible hand in free market commerce, that dictates prices. And maybe what we’re seeing here with Lyft and Uber, is we’re seeing that maybe those taxi companies weren’t ripping us off so badly after all. Now, granted, they were ripping us off all these years because they had a semi monopoly. They had kind of a duopoly right. And the music industry was ripping us off too, for decades and many industries have done that whenever they have, you know, very little or no competition. Of course that happens. But the invisible hand comes into play when there’s some competition. And so what is so dysfunctional about these tech oriented companies is that they are over funded over funded by venture capitalist. And because they’re over funded, they can go in and buy the market with artificially low prices. And you know, the company I am talking about now is in the real estate business, they are in our business, they will remain nameless, but they are an over funded venture capital funded company. We’ve never tried to raise or raised $1 in this business. I did talk about it a little bit last year, but just never got around to it, frankly. And I keep telling myself, I’m going to get around to it because I’ve had many people asked me if they could invest in the company, and so we have to do things on an economic model. That makes sense, okay, but when you’re an overfunded country, company when you’re an over funded tech company, you can undercut you can buy the market, and you can low consumers into being your customer. But then, of course, what you’re going to have to do, when eventually economic forces set in when the Invisible Hand dictates you will have to actually raise prices. This is really a bait and switch, isn’t it? I mean, I’m talking about for consumers, it’s a bait and switch. Now we’re talking about this from two angles. We’re talking about it from the potential shareholder angle and the consumer angle. But on the shareholder angle, what you say Adam is pretty darn interesting. You usually see when IPOs come out, there’ll be a spike right at the beginning, and then it goes down. And I think it’s going to be a really steady down whenever it comes to Uber and Lyft. If this holds true, yeah, it’s um, a lot of investors are violating commandment number five, of course, they’re not investing for income. They’re not buying look at if you’re going to be in the stock market. You’re going to speculate in that huge casino known as Wall Street, you should at least buy only dividend paying stocks. Because then you’re buying on a model. That makes sense. It’s it’s an income based investment. So you can calculate the I’ll call it the rent to value ratio
Jason Hartman 8:22
on your stocks, but most investors just do this speculative, it’s a frenzy. It’s a mob mentality. It’s a mania. It’s very, very risky stuff. So it’ll be interesting to see how this plays out. Adam could if fails miserably that could be the end of lift. I mean, if lifts IPO, Phil if enough people look at it and realize it and Uber as well. And they can’t get the money they need. It could make him I mean, essentially go away. Well, I don’t have to go back private. Yeah, yeah. Yeah. I don’t think there was a Yeah, like almost nil. Okay. But if you’re thinking about investing in companies that don’t make money, you know, like Doug, and I always say, guess what? Real businesses make money, they actually show profits. Everything else is, is just ridiculous. So this is the typical bait and switch that always happens. It’s happening, you know, with Amazon because the prices have been artificially low and they’re ratcheting up the screws on everybody from the sellers to the consumers and it’ll get worse. Lift and Uber same thing, the company in our space that, you know, drowning and venture capital money, same thing. They’re undercutting the market, nobody can make money on their economic model. While that’s what I contend at least Look, I know the business I’ve been doing a lot longer than they have. So this stuff is artificial, and it usually ends up very badly. So we will see what happens. We’ll see what happens. But hey, if you think there’s a free ride, there is only occasionally a free ride. And we’ve got one for you. Yep, a free ride. I wanted to say And I wanted to say to our attendees of meet the Masters, if you are local, if you are driving to the event and you are interested, we are going to raffle off the furniture that we have to buy for meet the masters. You know we have furniture on the stage, we order several pieces of furniture. Now, we’ve got some nice white contemporary barstools, eight of them that we ordered for the stage for our panel discussions, and some other things. If you want any of this, we’re going to raffle it off to the attendees. And hey, you know, if if you want to take it and ship it, you can but it’s not gonna be worth it for you. So all I’m saying is leave a little space in your car. If you want to take any of its own Sunday night when we’re finished with it. We probably not like Texas, there probably aren’t a whole lot of Californians with trucks coming to the event. That’s true. It’s not like it’s not like living in Texas where you got to pick them up truck but these you can put in your car. It’s pretty easy. And I just wanted to say leave some space because we always give the furniture away. So leave some space. If you can’t do that. We’re going to have some great contest coming up that will announce on the show. Adam, I just got a new coffee maker. I gotta share it with our audience. I gotta give one of these away. So give me one. Why not? Because you know, I hate coffee. I knew you were messed up. messed up. You’re crazy. So coffee is very good for you. You know, it prevents old timers supposedly sponsored by the coffee Growers Association. I can’t stand this stuff. So never have Well, I think it’s good. I think it’s good. Okay. Hey, any last minute announcements for meet the masters. I’ve got I had a long talk with George Gilder yesterday. He said, Yeah, I’m probably gonna come into LA x and I’ll just take Lyft or Uber so applies to our conversation we just had and he will be speaking at our event Tom, we all right. We just got a great event coming up. Jason Hartman comm slash masters and Adam, you ready for our case study. Let’s listen to the millennial. Okay, let’s hear from Lisa. millennial investor. I think she said she had four properties. She We’ll talk about it in the case study. And here we go. Join us March 23, and 24th. For the 2019 meet the masters of income property. Let’s break this down and look at some of the strengths of income property. As an asset class, I found that this event is really helpful because I’m totally a newbie to
real estate investment. And so I picked up so much information.
Jason Hartman 12:22
One of the great things about it is it’s so fragmented, right? embrace the fragmentation. actually been learning a lot about the tax benefits to real estate and a lot of I’ve been investing actually well over 10 years now. And I learned a lot of new things today. The other advantage of this weekend is networking,
Jason Hartman 12:46
meeting new property managers, meeting new area specialists and
then seeing the product they have to offer that changes
Jason Hartman 12:52
here by you. Register now with Jason hartman.com slash masters. Hey, it’s my pleasure to welcome one of our clients to the show, and they Lisa Tomita, we love doing these client case studies and I get such great feedback from you listeners on them. And Lisa has really a great story. She was introduced to our network back in 2015 when her dad brought her to our meet the Masters conference for her 25th birthday. And then Lisa acquired four properties to in Little Rock and two in Jackson, and is here to talk about her story. She’s had some bumps in the road and some challenges and has done a very nice job overcoming those and I think is on the right road. Lisa, welcome. How are you?
Lisa Tomita 13:41
Good. Thank you for having me.
Jason Hartman 13:42
Yeah, it’s good to have you on the show. And, you know, thanks for volunteering. And interestingly, your desire to come on the show kind of came out of really having a pretty significant challenge with one of your properties. That challenge kind of like you know, when you when you have one difficulty You take a different road, I guess inspired you to self manage the property. Is that correct?
Lisa Tomita 14:05
Yeah, that’s totally correct. So back in November, we went to your profits in paradise in between the bashing of millennials, aka me. Sorry. I learned a lot about self management. And I think that conference definitely gave me the courage to do it myself. I got cozy. I let my property manager go. And I haven’t looked back. Yeah. So as a result of the self managing, I think I’ve developed really good relationships with my tenant. In fact, last night, when I was at the gym, actually ended up spending an hour on the elliptical, cuz I was talking on the phone to my tenant. Oh, you
Jason Hartman 14:47
know, Lisa, you do understand that people listening might say the last thing they want to do is talk to their tenant for an hour
Lisa Tomita 14:54
right now, but I think that shows the relationship that I’ve developed with them right you know, she definitely has my back. Last week she kicked out roto rooter because they wanted to charge me $200. And she said, Oh, no, we’re not spending that. But she shouldn’t really care about how much money I’m spending, right? Instead, she went to Lowe’s, she bought drain. Oh, and she bought a new plunger, and she punched her sink. And she hasn’t had problems. You know, isn’t
Jason Hartman 15:21
that great? I mean, I had no idea you were going to tell that story just now. But it’s great. You know, most people, it’s kind of like you hear about dealing with employees or you know, your children and stuff like that, like, if you show confidence in them and treat them fairly. Most people are decent people, and they will rise to the occasion. And here you’ve got this tenant that is looking out for your interest and protecting your interest. Whereas the property manager unfortunately,
Lisa Tomita 15:54
did the exact opposite. Right. eminently, that’s just one of my tenants. My other tenant, the oven broke, and she was asking her friends if I could use their employee discount to get her a refurbished stove. She wasn’t even asking for a new stove. I was also very nice. Yeah,
Jason Hartman 16:10
it’s amazing. Now you’ve got four properties now, is that correct? Correct? Yeah. And wow, you’re in your 20s. That’s, that’s fantastic. So congratulations on that. And are you self managing all four of them? Or just the two? Just two, just two of them. Okay. So it sounds like your other property manager. Are they doing okay for you? Are they great? Are they so so? Or how’s that going on the other properties that you still have managers?
Lisa Tomita 16:36
I think I could give you a better answer in a couple weeks, okay. I had one of my tenants not be able to make their rent because of the government shut down. So now they’re about two and a half months behind. You know, I don’t want to kick them out because kicking them out causes maybe I did math and it’s about $4,000. Every time I have to put a new tenant in between los rents and expenses. Yeah,
Jason Hartman 17:01
well, you’re going to find I bet, Lisa, you’re going to find that that number decreases when you self manage. Because this is kind of the concept I’m trying to convey to people is that many times self management is actually easier. It takes actually less time, because you remove this inherent conflict of interest, where the manager is trying to serve two masters Well, they’re really trying to serve three, they’re trying to keep the tenant at bay and serve them. They’re supposed to be serving you the owner, right? Because you’re actually their client, they have the obligation to you. And then they’re serving their own interests, self serving, right, and, you know, everybody’s self serving, you know, that’s the way capitalism works, okay? But they’re basically trying to keep three plates in the air, three balls in the air at a time, right, and it can’t be done. So just you just get them out of the way. You’re dealing directly with a tenant. And interestingly, like I mentioned a moment ago, that headend many times just becomes a much better citizen, or at least seemingly we I mean, we don’t know the conversations between the property manager and the tenant, usually. But I find that my tenants, they’re great. They’ll repair things. They’ll do research for me. They’ll spend their time meeting contractors getting multiple estimates, you know, you don’t have to wait for your rent. So it’s much easier to calendar your rent when it just comes in on the first with a property manager because you have this lag time and receiving the rent. You know, you kind of don’t know when to expect it exactly. And different property managers might, some will send it on the 15th, some on the 20th. So at the end of the month, they’ve got that float where they’ve got that rent for maybe two, three weeks, maybe four weeks, right? sort of hard to keep track of right when you just go direct, it just becomes easier,
Lisa Tomita 18:52
right? So everything hits my cozy account just like you recommended and then it goes straight into my bank account. There’s no waiting.
Jason Hartman 18:59
Yeah, isn’t that good? Right. So the first of the month comes along, you know, the rent is just there, huh?
Lisa Tomita 19:04
Jason Hartman 19:05
Yeah. Now in fairness to this whole process and property managers, we do have to say, it’s kind of new for you, right? You’ve been self managing for maybe what, five months or six months? Five months, right? Yeah. Yeah. So what do you expect going forward?
Lisa Tomita 19:23
I’m not really sure. Right now. Everything’s kind of up in the air. I quit my job in November. So I’m looking at ways to get more into invested, not more invested. Yeah. more active in real estate. Okay, great. And what was your job? What were you I was in marketing.
Jason Hartman 19:38
Okay. Okay. Great. And so, you’re really you’ve got this interest in real estate. And now you can explore that a little bit, but you you actually chose to quit your job. You didn’t get laid off or anything, right? Yeah.
Lisa Tomita 19:51
Titled millennial, right? Yeah. There you go.
Jason Hartman 19:56
Okay, I’m going to apologize to all our millennial listeners, because we have tons of them. were picking on them a little bit, but you must admit some of its deserved. No, no. Okay. All right. I’m sorry. I’m sorry. I’m gonna stop picking on millennials. You know what, I’m probably just jealous that I’m not one of them. That’s probably what it is right? So maybe you never know, you never know. Anything more you want to share on self management. I mean, what were you talking to your tenants along about? Got any upgrades to properties? You know, you’ve got basically 1500 dollars extra year that you’re not paying to a property manager, something like that.
Lisa Tomita 20:31
Yeah. So last night, we were talking about she wants to switch out the countertop, and she’s willing to pay for the whole thing herself. Wow. She just wanted my permission. And she was sending me links from Lowes onto like different types of Formica she wants to use. She already got the quote, I gave her with the estimate that I got for another problem we’re having in the house. And she said, Oh, no, that’s too expensive. Let me ask around to see if I can get you a lower quote. Her husband’s a roofer. So he knows people who would definitely be able to help get that price lowered.
Jason Hartman 21:06
Wow. Well, that’s handy. Gosh, you’ve got this tenant who is taking a nice active role in improving the property. And then you’ve got the tenants husband, who is a roofer, how convenient. How convenient is that? And, you know, Lisa, I got to tell you a story. It just happened a few days ago with one of my property managers, and this is on one of my Memphis properties. They had emailed me, maybe early last week, said, okay, we need to fix some shingles on the roof. You mentioned roof. So I thought of it. I said, Well, what’s going on? You know, the couple emails back and forth. They explained it to me. I said, I need a quote. And she said, Well, it’ll be $520 or something like I think was $520. And I said, Well, I need to see the written quote, I don’t just need an email from you saying it’s 520. Like, that’s not enough information. And it’s certainly not proof right? I need proof. I need to actually document. So she sends me in the next email, a quote and I said, I need pictures and she sent me pictures. This quote is just handwritten on a piece of blank estimate paper. Okay, it has no contractor name. And I said, Who is the contractor? Who is that roofing company? What is their contact information, blah, blah, blah. She emails back and says it’s I don’t know, I think she said David Gonzales or something like that. And I said, well, who’s that? Does he have a phone number and address a website, a contractor license number? You know, I need to know who’s doing the work. And I need the estimate broken out into what exactly is going to be done the quote, then she emails me a couple of days ago. And this was maybe Tuesday. It’s now Thursday. And she says, we haven’t heard from you. And we need to get the roof fixed. And we’re going to go ahead and authorize the work and I said, Don’t you dare I replied right back and I said, Don’t you dare do that. I need another question. And I need it. Just like I requested the first time. Imagine this, Lisa, the same day, I hear back with, oh, here’s another quote for $250 less than half what the other guy was going to charge. Okay, less than half more than 50% off. So I said, go ahead and do the work. $250 great, you know, less than half. And then after I authorize it, I sent another email a few hours later and said, Do you have any comments about the fact that we were going to spend more than double? And she said, Well, you know, I just wanted to get it done fast. Everybody’s happy to spend your money, aren’t they?
Lisa Tomita 23:40
You know, they really are. Yeah,
Jason Hartman 23:42
we gotta watch out for ourselves and protect our own interests and get that intermediary that conflict of interest out of the way. I’m really glad you’re doing it and, and Lisa, don’t you feel more empowered and more independent now like you can. Are you learning some things?
Lisa Tomita 23:58
I’m definitely learning lot I do have to say though, I think you’re lucky that you got those estimates because I’ve been in situations where I get slapped for $700 in charges for an air conditioning, Cajun installation, and I didn’t ask for that. I’m not saying it’s not needed, but I’m just saying, like, did we really need to buy a $600 air conditioning cage, you have to authorize
Jason Hartman 24:21
this stuff. They have no right to spend your money. They have to get your approval. And not only that, it shouldn’t cost that much. acade should be like $350 it should be you know, like half fat. It is amazing. You know, my mom taught me and drew Baker who’s speaking at meet the masters and you know, he’s been on the show several times. He’s talking about self management. These are two people I know that they get deals on stuff. And you think, Well, time is money. You know, they must spend their whole day chasing down a deal, but they don’t. It’s really easy to sort good deals with the internet tools that we have nowadays. So yeah, it’s great. And even if you go back to having a manager, you will be a more competent manager of your manager. Now you
Lisa Tomita 25:12
right, I think, before I was a little bit more hands off, but after seeing all the things that I’m getting charged for, and then going to the conferences and talking to other people about their experiences, I’ve definitely become more active, active enough to quit and do this instead. Yeah,
Jason Hartman 25:30
good. I love it. You know, the the property management industry, just like many other industries, the legal industry, the healthcare industry, the college industrial complex, that complex, you know, all of these things, there comes a point when people push back, they realize, look, I am getting overcharged, and I’m getting mistreated, and I demand better. And you know, they look for other options. And so, in our world, it’s different. property management side. And there are some great property managers out there. I’m not bashing all of them, just like there are some awesome millennials out there. But you just deserve better. And so I’m really glad you you demanded it for yourself. It’s awesome. What about due diligence? Talk to us about that for a moment.
Lisa Tomita 26:19
So there’s levels to due diligence, and I didn’t realize this going into 2018. I thought, you know, if you go down, you visit with a provider, you know, you tour with them for a couple of days, you get familiar with their work. That should be good enough, you know, especially if you trust them. But it’s definitely not even if they say that they’re doing the property inspection, you need to get your own done as well. Because in the situation I’m in now, I didn’t get the property inspection done. This is the fifth house I bought with the provider. And it’s been a total disaster. And if I hadn’t fired my property manager, I’m not sure I would aware of it, but I would have had lost the tenant and been out a pretty significant amount of money probably like $4,000. That’s significant.
Jason Hartman 27:09
Very good point. So one of the other things I love about self management and you know, I have a blend, I have some of my property managers that I just love, and I let them do the management. And some, you know, there’s every degree in between, but you don’t know what’s going on. You don’t have any first hand knowledge, all you get is hearsay from them. And it allows them to really cover up their own stakes a lot, doesn’t it? When you’re not dealing directly with the party? You don’t know. I mean, I experienced this all the time with all different professionals, accountants, lawyers, when someone is in there representing you, you don’t get the benefit of direct communication. And with the direct communication, you can make better assessments and know what’s going on and they can paper Over a lot of their mistakes, they can blame another party, they can do all kinds of stuff that isn’t in your best interest. Right?
Lisa Tomita 28:07
Definitely. It’s funny because when I was prepping for this interview, I went back and I looked through a booklet I got from the Memphis tour in 2015. And all your commandments are laid out in there. And thank you just touched on commandment three. But I realized in buying this specific property, I violated four out of the 10 commandments.
Jason Hartman 28:27
Well, sorry about that. Hey, listen, Lisa. Don’t worry. It’s really six commandments and four suggestions. I’m joking. But yeah, I violate them myself from time to time and it seems like every time I violate one of my own commandments, I paid for it. So try to stick to him as best he can. But you know, it’s like anything look, you know, none of us are perfect. We should all do lots of things we don’t necessarily do you don’t always eat right? We don’t always exercise and you know, that’s just life. But good. You know, you learn and you become more independent on the home inspection. The issue, you did not hire your own home inspector, right? Tell us a little bit drill down on that, like the property. The seller had a home inspection and they handed it to you. Is that what you’re saying? Or you just decided not to get one at all? or What did you mean there?
Lisa Tomita 29:18
She told me that she was in her process. She does the home inspection. So I thought, Oh, I’m fine. This is like I trust this lady. This is the fifth house I have with her between my dad and I right. I guess she didn’t do it either. I’m not really sure. Her website says she does the home inspections, but I wasn’t handed a stack of paper. Well, I wouldn’t be handed anything that wasn’t emailed a stack of paper action. So I don’t even know if it’s actually been done or not. And I didn’t realize that till we started having these problems.
Jason Hartman 29:49
Yeah, so folks always have a home inspection and here’s a question I get asked from time to time. Do I need a home inspection on a new home What if it’s brand new construction? Do I need a home inspection? Let me answer that now. And this doesn’t apply to Lisa. I’m just answering in general for the listeners. If it is a big, you know, builder like a big regional or national builder, home builder, then I don’t think you need one. I mean, look at I just bought a new home recently that I live in, I didn’t get a home inspection. Okay. And it’s no big deal because I’ve got this big builder and you know, I’m going to tell them what they need to fix and you know, they’re going to come over and do it, not necessarily right away, but they’ll, you know, they’ll get it done. But if it’s a small builder, it’s building like a couple of houses here and there. I would even get a home inspection on a brand new home, it’s well worth the money. And we’re going to be doing some episodes about home inspections. You know, at meet the Masters we’ve got a home inspector with with a lot of visual aids and pictures of things to watch out for and this is the new thing and I’ve been wanting to do it for Couple of years but unfortunately home inspectors are not like these charismatic public speaker types like I am right now just getting their technicians and they don’t usually do this kind of thing. But my goal is to educate and create millions of empowered real estate investors, whether it be through other elements, but the one sort of missing element that we haven’t covered much is the physical stuff about the property right, the physical attributes, and that’s what we really want to dive into. So good, good stuff. Lisa, what else do you want people to know?
Lisa Tomita 31:36
I really need to thank you and Sarah for being there. For me, you guys could have easily said, This isn’t my problem. This is your problem. Your lack of due diligence is entirely your fault. And not done anything at all. But you guys have been there for me every step of the way. You responded on voxer at 342 in the morning 642 depending on where you were, but Honestly, who works at that time, right? So just the fact that you guys were there for me, I appreciate it so much. We have a family friend who bought a couple properties with the competitor. And I’m putting that in air quotes right now. Right? And they did nothing. So I think if anyone out there is trying to debate whether or not they should buy a house from you, or a competition, like it’s you guys hands down, there’s nothing else you could have done everything that I needed. You guys did for me, and I really just appreciate it so much.
Jason Hartman 32:32
Well, thank you for that. And you know, we’re happy to do it. We want to see our clients be successful. These are frankly, little inexpensive houses. You live in Orange County. I used to live there. Well, it’s redoes in Orange County or LA County, I
Lisa Tomita 32:47
guess, technically in LA County. But I walk to the Orange County border,
Jason Hartman 32:52
right. It’s right. It’s right on the line. Yeah, exactly. You live in Southern California. I used to live there and those are expensive houses. You know, when you when you sell one of those properties, you make a lot of money. But these are little inexpensive bread and butter houses. So we depend on repeat business. It’s like a restaurant, you know, we need our clients to keep coming back. But even if it wasn’t for that reason, it’s just the right thing to do. I just hate injustice. And I think some of these vendors and players in our industry are so weaselly, and they’re just bad operators, and I’m just not going to put up with it. You know, so, so good. Yeah. Now, we’re happy to do that. And thanks for thanks for sharing that. Lisa. Is there anything else you’d like people to know? What’s the future hold for you? What are your some of your investment goals? I mean, now you’re thinking of maybe going into this on a full time basis? Is that what you’re thinking? Or
Lisa Tomita 33:43
there’s a couple things I need to figure out. Still, I think if there’s any advice that I could give, I think I touched on it earlier. Your 10 commandments are really the truth. I think between education that having a good team, not gambling and maintaining good I think those were that I just listed off, just are so important that you really should write it on the back of your hand or tattoo it on the back of your hand. So you never forget. Because I think if I held on to those closer, I wouldn’t be in a situation.
Jason Hartman 34:18
We’ve all got to learn our own lessons. Right. And, you know, that’s just part of life. And in growing into it, thanks for sharing that and everything, Lisa. And I just want to say, Look, I don’t think there’s anybody listening to my podcast or coming to our live conferences, who doesn’t believe that income property is the best asset class, but you know, you have problems from time to time. It’s not without its problems, for sure. And as long as you can, you know, stay in the game, overcome the problems and the adversities, and you know, learn from them and just do it better next time. The acid is so durable, that it’s like the self Healing asset, you know, take a couple lumps and you know, your ROI will be hurt. But it doesn’t last that long. You know, it just recovers so nicely, always. So that’s one of the great things about the resilience of income property, isn’t it? Yes, definitely. Yes. Good stuff. Well, Lisa, thank you so much for coming on and sharing your story. And I am sorry to hear that you will not be able to attend meet the Masters coming up. But I know you’ve been before, obviously, on your birthday. And on your 25th birthday, so you reach the quarter century club right at the point when we had to meet the Masters in 2015. So that’s awesome. Keep in touch and let us know how it pans out with everything. And, you know, maybe you’ll be self managing your other two properties at some point. Who knows?
Lisa Tomita 35:46
Yeah, maybe that sounds good.
Jason Hartman 35:48
Yeah. Good. Good stuff. All right. Thanks for sharing and happy investing. Thank you. Thank you so much for listening. Please be sure to subscribe so that you don’t miss any episodes. Be sort Check out the show’s specific website and our general website heart and Mediacom for appropriate disclaimers and Terms of Service. Remember that guest opinions are their own. And if you require specific legal or tax advice, or advice and any other specialized area, please consult an appropriate professional. And we also very much appreciate you reviewing the show. Please go to iTunes or Stitcher Radio or whatever platform you’re using and write a review for the show we would very much appreciate that. And be sure to make it official and subscribe so you do not miss any episodes. We look forward to seeing you on the next episode.